The above table shows the total product schedule for the campus book store. If employees are paid $6 per hour, assuming there are no other variable costs, then the average variable cost of selling books will reach its minimum at
A) 58 books sold per hour.
B) 59 books sold per hour.
C) 73 books sold per hour.
D) 83 books sold per hour.
C
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Arrow suggests that any social choice process should be applicable to any set of preferences for individuals -- because we can't be sure individual preferences are always rational.
Answer the following statement true (T) or false (F)
Which following segment(s) of the aggregate supply curve represents the Phillips curve trade-offs?
a. horizontal segment b. horizontal and the intermediate segments c. intermediate segment d. intermediate and the vertical segments e. vertical segment
Early developers within a given industry benefit from economies of scale, in that they are able to
a. produce larger volumes at a lower cost. b. shape the product based on what the consumer wants. c. avoid competition by creating a monopoly. d. start big instead of having to start small.
Who is likely to be in favor of a country that would be a net-importer if it moved from autarky to free trade?
A. Foreign consumers B. Foreign governments. C. Domestic producers D. Domestic consumers